Higher Imports of Soybeans Expected

The Chinese Ministry of Commerce on Friday announced an initial estimate of 2.93 million metric tons of soybeans will be imported in December, an increase of 9% from the estimate issued for November.

Actual imports of soybeans could be higher than that as the forecast from the commerce ministry doesn't include all cargos. November's estimate was for 2.69 million tons but customs data indicates actual imports totaled 3.32 million tons.

The ministry also forecasts imports of 22,000 tons of soyoil, 365,700 tons of palm oil and 48,600 tons of rapeseed oil in December, as well as 30,000 tons of rapeseed and 39,300 tons of soymeal.